Cyber Monday Spending Could Surpass $11B, Many Business Owners 'Counting On It'
NORTH TEXAS (CBSDFW.COM) - It's expected to be a record-shattering day for online shopping. Sales on this Cyber Monday could surpass $11 billion, according to an industry group.
Black Friday was the second-largest online shopping day in U.S history, according to Adobe Analytics data, making for an optimistic start to the season.
"Strong growth in online, not just on Black Friday but on Thanksgiving Day itself," said Katherine Cullen of the National Retail Federation. "Strong growth in mobile as well as services like curbside and 'buy online, pickup in store.'"
And during a year that's ravaged the retail sector, business owners say they're counting on it.
"We're hoping for, of course, a great holiday season," said Amy Coffey, co-owner of Dallas-based Accessory Concierge. "We feel the pinch of a lot of other online retailers who might not have been so reliant on online in the past but who are now."
Accessory Concierge boosted inventory for Black Friday and Cyber Monday and announced deep discounts.
"Our conversations about that really started months ago, when we felt like, 'Okay, we're in this. This is going to be lasting through the holidays,'" said Coffey.
Not only are people shopping predominantly online, but they're also shopping early. The National Retail Federation says nearly 60% of consumers were already shopping by early November - the highest number in the survey's history.
"Retailers have really been pro-active in encouraging people to start early. This is not the year to be a procrastinator," said Cullen.
Yet another way this year is like no other.
"We're finding that, when people buy, they're buying really deep to go ahead and, I think, check things off the list," said Coffey.
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